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LIC Lanka redefines insurance industry

The term 'life insurance' brings to mind the delicate and fragile nature of life. The terrain and uncertain future is tormenting, especially when the going gets tough.

Life Insurance Corporation (LIC) Lanka, with its mission to assist people to choose the best policy to serve themselves, is a provider of life insurance solutions.

With a team of experienced and dynamic professionals and strong capital, LIC Lanka offers a wide range of tailor-made insurance products and services of international standard.

LIC Lanka is redefining the industry by diversifying and expanding at a time competitors are contracting due to uncertain economic conditions.

Driving change and venturing into new frontiers and innovations which impact positively on clients, LIC believes in its objective of delighting its customers and delivering value to its shareholders in the best ethical manner.

Customer satisfaction governs the company's operations.

LIC Lanka offers a range of innovative policies that include its Life Term Policy, which has no eminent end and remains active as long as the policy owner is alive.

Any risk the person faces is covered fully by the company. Uncertainty in life situations is fully taken care of.

'Ashirwada' is a life assurance policy from LIC that provides children with financial security for their education and marriage.

The sum assured along with all vested bonuses is payable in a lump sum or in ten/twenty half-yearly installments with interest at the option of the life assured, at the end of the term of the policy. Even after the death of the life assured the bonus continues to accrue till the end of the term.

The double accident benefit is available during the term of the policy. Loans will also be granted against the surrender value of the policy after payment of premiums for at least three years. Interest on such loans will be fixed by LIC from time to time.

LIC Lanka has also introduced Jeevanananda with a profit assurance plan, a combination of the whole life plan it is the most popular endowment assurance plan.

The plan provides a pre-decided sum assured and bonuses at the end of the stipulated premium paying term, but risk cover on the life continues till death.

With its aim of making dreams come true through clear cut financial planning and systematic savings method, Divyagana is a life policy exclusively for women. Women of today have excelled in all aspects of life.

They have a distinct presence in every profession, vocation or trade and have distinguished themselves in managing household activities with an inherent instinct to save - to meet the unexpected and the unforeseen.

LIC Lanka has therefore specially designed this plan for women encouraging them to save for safety and security.

The policy provides for funds in times of need such as education and marriage which is a perfect gift to a woman with flexibility in premium payment, periodic returns of sum assured and life cover that continues despite non-payment of premium, pregnancy and child birth risk along with accident benefit at no extra cost.

This policy is open to all females between the ages 18 -55 years.

A joint venture between Bartleet & Co. Ltd. and Life Insurance Corporation of India, LICL is part of a group that has 1,200,000 agents, 2,048 branch offices, 110 divisional offices and eight zonal offices.

LIC Lanka is backed by LIC India which has existed for over 50 years, and has acquired almost monopoly power in the solicitation and sale of life insurance policies in India extending its activities in 12 other countries, with the objective of catering to the insurance needs of non resident Indians.

The Life Insurance Corporation of India (LIC) is owned by the State and has been termed as the biggest life insurance corporation in the world in terms of number of policies. Since its inception in 1956 it has moved in full swing to serve the great masses of India.

LIC has its headquarters in Mumbai with eight zonal administrative units, 110 offices at the divisions and over 2,048 branches established across the land and covers over 250 million policies.

The Indian based blue-chip also has offices in U.K, Mauritius, Kenya, Singapore, Fiji, all Middle East countries and Nepal besides its venture in Sri Lanka.

 

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